PAPER 12: COMPANY ACCOUNTS AND AUDIT
Contents
Weightage
Section A :Accounts of Joint Stock Companies
1. Accounting of Shares and Debentures
2. Presentation of Financial Statements (as Per Schedule III)
3. Cash Flow Statement
25%
4. Accounts of Banking, Electricity and Insurance Companies
5. Accounting Standards (AS-11, 12, 15, 16, 17, 18 and 19)
25%
Section B :Auditing
6. Auditing Concepts
20%
7. Provision relating to Audit under Companies Act
30%
Section A: Accounts of Joint Stock Companies
1. Accounting of Shares and Debentures:
a) Issue of shares, rights issue, bonus issue, sweat equity shares, forfeiture of share, buy-back of shares
b) Issue and redemption of preference shares, debentures
c) Under writing of shares and debentures
2. Presentation of Financial Statements (as per Schedule III):
a) Statement of Profit and Loss
b) Balance Sheet
3. Cash Flow Statement (AS 3)
4. Accounts of Banking, Electricity and Insurance Companies:
a) Accounts of Banking Company
b) Accounts of an Electricity Company
c) Accounts of Insurance Company
5. Accounting Standards (AS - 11, 12, 15, 16, 17, 18 and 19)
Section B: Auditing
6. Auditing Concepts
a) Nature, Scope and Significance of Auditing
b) Audit Engagement, Audit Program, Audit Working Papers, Audit Note Book, Audit Evidence and Audit Report
c) Internal Check, Internal Control, Internal Audit - Industry Specific.
7. Provision relating to Audit under Companies Act
a) Auditor’s qualifications, disqualifications, appointment, remuneration, removal, powers and duties.
b) Cost Audit, Secretarial Audit
c) Reporting Requirements under Companies Act, Report vs. Certificate, contents of the reports and qualifications in the report.
d) Miscellaneous Audit
i. Branch Audit, Joint Audit
ii. Audit of shares and debentures
iii. Audit of divisible profits and dividends
iv. Statutory Auditors Vs Internal Auditors
v. Auditing and Assurance Standards relating to audit of inventories and audit of fixed assets
vi. Auditing of different types of undertaking – Education, Hospitals, Cooperative Societies, Banks, Trusts, Municipalities, Panchayats

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